First Federal Bank

What First Federal Bank does

First Federal Bank of Wisconsin is a federally chartered stock savings bank and the operating subsidiary of FFBW, Inc. (OTCQX: FFBW), serving consumer and small-to-medium business customers through six branch locations concentrated in Waukesha and Milwaukee Counties in southeastern Wisconsin. The bank offers a full-service community banking franchise including consumer checking (Freedom, Fresh Start, Relationship, and Rewards tiers), savings vehicles (Statement Savings, Money Market accounts, CDs, IRAs, Health Savings Accounts), consumer loans, overdraft lines of credit, and credit cards issued through Elan Financial Services. Commercial banking spans Business Checking tiers, Community Checking for municipalities and nonprofits, business savings and money market products, SBA 7a/504/Express loans, commercial real estate and construction loans, equipment loans, lines of credit, and a comprehensive cash management suite including Positive Pay, ACH Filtering, wire transfers, remote deposit capture, and merchant services.

The technology stack is built on a Fiserv-powered digital banking platform delivered via web, the FFBW Personal Banking iOS and Android applications, and CardValet for card controls. Zelle is integrated for P2P payments, Notifi for real-time alerts, and QuickBooks/Quicken Direct Connect for accounting workflow. Distribution combines physical branch service with virtual appointment booking through Microsoft Outlook and participation in the MoneyPass and ATM Access Network surcharge-free networks (850+ ATMs regionally). Marketing emphasizes the "Community Bank Difference" - local decision-making, relationship banking, and the FFBW Community Foundation's investments in education, health and human services, youth, veterans, and affordable housing.

Revenue is generated primarily through net interest income on the lending book (consumer loans, SBA-backed commercial loans, commercial real estate, equipment, construction, and mortgage loans), supplemented by deposit account fees, service fees (wire transfers, ATM, cash management), and non-interest income. The bank announced a divestiture of its Third-Party Origination division (including QRL Financial) to Mortgage Forward in June 2026, expected to close Q3 2026, reflecting a strategic narrowing toward core deposit and lending operations. Leadership transitioned in December 2025 with the promotion of CFO Steve L. Wierschem to President and CEO of the bank, with Edward H. Schaefer moving to Executive Chairman.

Name

First Federal Bank

Legal name

First Federal Bank of Wisconsin

Website

https://firstfederalwisconsin.com

Company type

Public

Founded year

1930

Operating status

Operating

Headcount range

11–50 employees

Short description

First Federal Bank of Wisconsin is a federally chartered community bank serving consumers, small-to-mid-sized businesses, and municipalities in Waukesha and Milwaukee Counties through six branches, a Fiserv-powered digital and mobile platform, and a full suite of deposit, lending, SBA, and cash management products as the operating subsidiary of FFBW, Inc. (OTCQX: FFBW).

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (522110)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking services
• Consumer deposit accounts
• Commercial lending products
• SBA loan programs
• Digital banking platform

Headquarters

HQ city

Waukesha

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: The bank generates revenue primarily through interest earned on loans including consumer loans (auto, personal, home equity), commercial loans (SBA 7a, SBA 504, SBA Express, commercial real estate, equipment loans, lines of credit), and mortgage loans. Interest rates are based on APR and fluctuate with market conditions.
2. Deposit Account Fees and Interest: Revenue from checking and savings account fees, including monthly service charges, overdraft fees, and interest earned on deposits held. Competitive APY rates offered to attract deposits.
3. Service Fees: Fees from services including wire transfers, ATM usage (non-network), check orders, and cash management services. Commercial accounts charged per transaction item.
4. Third-Party Origination: Mortgage origination services through Third-Party Origination division and QRL Financial. Division was sold to Mortgage Forward in 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

First Federal Bank of Wisconsin is a community bank that accepts consumer and commercial deposits (checking, savings, money market, CDs, IRAs, HSAs) and originates consumer loans, SBA loans, commercial real estate loans, equipment loans, construction loans, and lines of credit. The bank issues consumer and commercial credit cards through Elan Financial Services and delivers cash management tools (Positive Pay, ACH filtering, remote deposit, wires) alongside Fiserv-powered online and mobile banking with Zelle, CardValet, eStatements, and Bill Pay to individuals, businesses, and municipalities in southeastern Wisconsin.

Product overview

First Federal Bank of Wisconsin is a community bank offering a comprehensive suite of consumer and commercial banking products. The consumer banking portfolio includes multiple checking account tiers (Freedom Checking, Fresh Start Checking, Relationship Checking), savings options (Statement Savings, Money Market accounts, CDs, IRAs), Health Savings Accounts, consumer loans, overdraft protection lines, and credit cards issued through Elan Financial Services. The commercial banking division provides Business Checking, Community Checking, Commercial Checking, business savings and money market accounts, SBA loans (7a, 504, Express), commercial real estate loans, construction loans, equipment loans, and commercial lines of credit. The bank also offers Cash Management Services with Positive Pay and ACH Filtering fraud protection tools. Digital banking is delivered through Online Banking, Mobile Banking (available on iOS and Android), Bill Pay, eStatements, Zelle peer-to-peer payments, Notifi alerts, and CardValet card management. Educational resources include Video Tutorials, Click-Thru Demos, Money IQ, Business Money IQ, and financial calculators. Current promotional products include Rewards Checking (5.00% APY) and Rewards Money Market.

Differentiator

Problem solved

Functional benefit

Products and services

• Freedom Checking Day-to-day consumer checking account with $50 opening deposit, no monthly service fee and no activity fees.
• Fresh Start Checking Bank On Certified consumer checking account with no opening deposit requirement and no overdraft, non-sufficient funds, or inactivity fees, designed for individuals rebuilding their banking relationship.
• Relationship Checking Premium consumer checking account requiring $1,500 to open, with a $10 monthly charge if the balance falls below the minimum, offering unlimited debit card transactions and check writing.
• Statement Savings Classic consumer savings account with $50 minimum to open, providing readily available funds as a companion to checking accounts.
• Relationship Money Market Premium consumer money market account paying enhanced interest with $5,000 minimum and requiring an active Relationship or Rewards checking account.
• Freedom Money Market Consumer money market account with $2,500 minimum to open and $10 monthly service charge if the balance falls below the minimum.
• Certificates of Deposit (CDs) Time deposit accounts available in terms from 91 days to 60 months with $500 minimum opening balance, FDIC insured up to $250,000 per depositor.
• Individual Retirement Accounts (IRAs) Retirement savings accounts with guaranteed rate of return and tax advantages to help consumers plan for their financial future.
• Health Savings Checking Account HSA checking account with tiered interest rates based on balance, no sign-up or monthly fees, paired with HSA checks and debit cards for medical expense payments.
• Health Savings Money Market Account Money market account for future medical expenses with $10,000 minimum balance requirement and $15 monthly service fee if balance falls below minimum.
• Consumer Loans Personal loans offered as secured and unsecured programs for vehicle purchases, debt consolidation, home improvements, vacations, and other consumer needs, with competitive rates and terms.
• Consumer Credit Cards Credit cards issued through Elan Financial Services featuring zero fraud liability protection, 24/7 cardmember service, and mobile purchasing capability for individual consumers.
• Business Checking Business checking account with no minimum balance requirement, no monthly service charge, and 250 free monthly transaction items for small businesses.
• Community Checking Checking account specifically designed for municipalities and not-for-profit organizations with competitive interest, 500 free monthly transaction items, and interest paid on the full balance.
• Commercial Checking Business checking with earnings credit allowance on deposit balances that may offset activity fees, flat per-transaction fee, and no limit on transaction items.
• Business Savings Commercial savings account with competitive interest rates, no monthly service fee, and no minimum balance requirement.
• Commercial Money Market Commercial money market account with enhanced earnings for balances of $2,500 or more, with $10 monthly service charge if balance falls below minimum.
• 1031 Exchange Money Market Money market account designed to help defer capital gains and reinvest equity into higher-yielding investments under Section 1031 of the tax code.
• Commercial Certificates of Deposit Business CDs offering safe and secure way to grow savings with guaranteed rate of return, FDIC insured up to $250,000 per depositor.
• SBA 7a Loans SBA 7a loan program for financing commercial real estate, renovations, acquisitions, start-ups, franchise purchases, and operational expenses, with loan guarantee up to 80% and amounts up to $5,000,000.
• SBA 504 Loans SBA 504 loan program for larger projects including land, real estate, heavy equipment, or major renovations, structured with 10% borrower equity, 50% First Federal Bank, and 40% community development corporation financing.
• SBA Express Loans SBA Express loan program for business acquisitions, franchise purchases, working capital and equipment financing with loan amounts up to $350,000 and credit decisions made by the bank rather than the SBA.
• Commercial Real Estate Loans Loans for purchase, refinance, or improvement of commercial property for business or investment portfolio, available for investor and owner-occupied properties with fixed and floating rate options.
• New Construction Loans Short-term construction financing with interest-only payments and conversion to a permanent arrangement at end of development.
• Equipment and Term Loans Business loans for expansion, corporate stock purchase, or fixed asset acquisition including furniture and machinery, with fixed and variable interest rate options.
• Commercial Lines of Credit Short-term cash flow management credit lines with convenient access, interest-only monthly payments, and flexible collateral options.
• Commercial Credit Cards Business credit cards issued through Elan Financial Services with options for low rates, cash back, or flexible rewards, featuring free online expense reporting and no fee for additional employee cards.
• Cash Management Services Comprehensive business cash management solution including ACH Manager, wire transfers, remote deposit capture, positive pay, merchant services, collections, disbursements, payment services, funds management, fraud protection, and employee benefits.
• Online Banking Web-based banking platform enabling account balance viewing, transaction history, fund transfers, loan payments, statement viewing, and check image review with QuickBooks and Quicken Direct Connect integration.
• Mobile Banking Mobile banking application for phones and tablets enabling real-time balance viewing, transaction history, fund transfers, bill payments, mobile deposits, and Zelle person-to-person payments, available on iOS and Android.
• CardValet App Mobile app powered by Fiserv for managing debit and credit cards with real-time balances, transaction monitoring, card on/off controls, spending limits, travel notifications, and ATM locator.
• Zelle Peer-to-person payment service integrated into mobile and online banking enabling fast money transfers using recipient email or U.S. mobile phone number with funds typically available within minutes.
• Rewards Checking High-yield consumer checking account earning 5.00% APY on balances up to $15,000 with ATM fee refunds up to $25 per statement cycle, requiring eStatement enrollment and 5+ combined debit/ACH transactions per cycle.
• Rewards Money Market Consumer money market account earning 3.25% APY on balances $50,000 and more, requiring active Rewards Checking account with $10 service fee if balance falls below $50,000.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Mortgage ForwardminorStrategic or Co-development Partner · 5 June 2026Mortgage Forward, a credit union service organization (CUSO), acquired First Federal Bank's Third-Party Origination division including QRL Financial. The transaction supports Mortgage Forward's national expansion strategy and enables the division to leverage additional technology, products, and operational support. Expected to close in Q3 2026.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services is the creditor and issuer of consumer and commercial credit cards offered by First Federal Bank. Elan provides zero fraud liability protection and cardholder services available 24/7.
• MoneyPass NetworkcoreTechnology or IntegrationFirst Federal Bank is part of the nationwide MoneyPass ATM network, providing thousands of surcharge-free ATMs to customers.
• ATM Access NetworkcoreTechnology or IntegrationPartnership with ATM Access Network providing over 850 surcharge-free ATMs at community bank terminals in Wisconsin and Minnesota.
• FiservcoreTechnology or IntegrationFiserv provides the technology powering the FFBW Personal Banking mobile app with features including real-time balances, transfers, mobile deposits, bill pay, and card management through CardValet.
• Zelle (Early Warning Services)coreTechnology or IntegrationZelle is integrated into First Federal Bank's mobile and online banking for person-to-person payments, allowing users to send money using email or mobile phone numbers with typically minute-based transfers.
• Continental Stock Transfer & Trust CompanycoreOthersTransfer agent for FFBW, Inc. stock located at 1 State Street, 30th Floor, New York, NY 10004. Customer service number: 800-509-5586.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Associated Bank: Largest Wisconsin-based commercial bank and a broad incumbent competitor with full-service consumer, commercial, and wealth management capabilities, competing with First Federal for the same Milwaukee MSA deposit and SMB lending pool.
• BMO (formerly BMO Harris Bank): Major national bank with deep historical Wisconsin franchise (formerly Harris Bank), competing with First Federal on deposits, SBA lending, and digital banking across the Milwaukee MSA.

Direct peers

• North Shore Bank: Mutual savings bank serving the Milwaukee metropolitan area with consumer deposits, mortgage, and business banking products, directly overlapping First Federal's southeastern Wisconsin footprint and community-bank positioning.
• Settlers bank: Wisconsin community bank providing consumer and commercial banking services in the Milwaukee area, comparable in scale and community-bank positioning to First Federal Bank of Wisconsin.
• WaterStone Bank: Wisconsin-headquartered community bank (formerly Wauwatosa Savings Bank) offering consumer and commercial banking in the greater Milwaukee MSA, comparable to First Federal in scale, charter type, and product mix.
• Commerce State Bank: Wisconsin-based community bank focused on business and consumer banking, similar in size and regional concentration to First Federal.
• Town Bank (a Wintrust company): Wisconsin-based community bank subsidiary of Wintrust offering consumer and commercial banking in the Milwaukee metro, comparable to First Federal in product suite and target SMB segment.
• PyraMax Bank: Small Wisconsin community bank offering personal and business banking, comparable to First Federal in asset scale and concentration on southeastern Wisconsin deposit and lending markets.
• Citizens Community Federal National Association: Wisconsin-headquartered community bank with comparable deposit and lending products. Notable strategic link: First Federal's Executive Chairman Edward H. Schaefer previously served as President and CEO of Citizens Community Federal NA from 2010 to 2016.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfirstfederalwisconsin.com/speed-bump-facebook

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Federal Bank